It’s time to remove the bottlenecks and human error associated with essential mortgage origination processes like employment and income verification.
Eliminate disruptions and contract lengthy processes with our AutomatIQ Borrower Verification of Employment and Income (VOE/I) solution that reimagines the rigid administration requirements of loan verification and conveniently allows for frictionless integration with existing mortgage origination software.
Gone are the days of relying on borrowers to submit pay stubs or individually contacting employers for verification. Instead, seamless integrations with credit bureaus and other trusted data sources provide lenders with quick access to reliable data. And to fill in the final pieces, borrowers can connect you directly to their assets.
Confidentiality and security are our priority. Our robust security measures protect your sensitive information, ensuring that the data you pull from employer databases is both reliable and compliant with data privacy and industry regulations.
Employment is no longer synonymous with a W2. The modern world accommodates many types of work, so why shouldn’t your borrower income and employment verification tools? With capabilities that allow for the extraction of employment and income information from employer databases regardless of a worker’s location, there is now no reason not to have a holistic view of all applicants.
Adapt your workflow — and your costs — to your needs. Depending on a borrower’s circumstances and their risk profile, our solution allows you to route verifications automatically onto a path that accounts for the number of required touchpoints. Our price points reflect only the coverage you need.
Just as each borrower is unique, so is the employment and income verification process. Revolutionize and personalize the initial stage of the application with our waterfall workflow, which allows you to select from multiple borrower verification methods to reliably secure every mortgage application.
By completing the data collection and verification in the initial stages of a mortgage origination, you can reduce the legwork for borrowers. Plus, when borrowers actively participate in their verification, they become invested, and lenders increase the likelihood of conversion.
One of the most impactful innovations in real estate and mortgage is the ability for borrowers to link directly to their payroll credentials, and bank statements. Such a simple shift in agency allows for borrowers to invest themselves early into the lending process, leading to a more streamlined approach for both the borrower and the lender.
Not to mention that creating a secure link to the information needed for verification provides lenders with the most current employment and income details, helping reduce the risks of loan buy backs or inconsistent data.
While there are plenty of database options available to verify borrower employment and income, not all are approved for Fannie Mae Day 1 Certainty (D1C) and Freddie Mac AIM. That is why the CoreLogic® AutomatIQ Borrower Verification of Employment and Income solution connects to Experian Verify™ and The Work Number (TWN) to provide reliable verification based on comprehensive employment data.
Both databases are approved by the GSEs, which offers an added level of protection and freedom from reps and warrants, and gives lenders access to a vast network of employment data that may not be available in alternative sources. Plus, even the Federal Housing Finance Agency has stated its view that automated processes in mortgage origination software can improve the quality of underwriting.
Even while most everyday administrative tasks related to employment and income verification should be automated, there are circumstances where a manual review is necessary. In today’s world, where remote jobs, self-employment, and gig work are commonplace, that scenario is far from out of the ordinary. That is why CoreLogic provides experts who can conduct thorough checks across over 40 third-party verification services to provide coverage even in those hard-to-verify employment situations. The results from this hands-on review are then integrated into your mortgage origination software and the borrower verification process can continue.
Turnaround time may vary based on your selected waterfall, but we strive to provide rapid results. AutomatIQ Borrower VOE/I is designed to be significantly faster and cost-efficient than traditional manual verifications.
AutomatIQ Borrower VOE/I can verify various types of employment and income, including W2, 1099, self-employment, and other non-traditional income sources. This solution can also be used for remote or work-from-home employees since it is designed to extract employment and income information from employer databases, regardless of the employee’s location.
If a borrower’s employer does not participate in the borrower-assisted verification databases we use, AutomatIQ Borrower VOE/I has a broad network of alternate data sources, including manual, thus ensuring we still provide a comprehensive and accurate employment and income verification.
Our solution can verify employment and income from multiple employers or income sources. This is vital for borrowers with several part-time jobs or a combination of employment and self-employment income.
Although multiple industries require a VOE/I, our solution is tailored for the mortgage lenders and brokers. It is currently not used in any other industry.
AutomatIQ Borrower VOE/I prioritizes data accuracy and security. Sensitive information is protected with robust security measures that adhere to industry-standard data encryption and access security protocols. Confidential information is protected at each stage of the verification process to ensure data privacy.
AutomatIQ Borrower VOE/I can be used for remote or work-from-home employees. Our solution is designed to extract employment and income information from employer databases, regardless of the employee’s location. This ensures accuracy and efficiency in verifying remote or work-from-home employees’ employment and income details.
AutomatIQ Borrower VOE/I keeps a secure record of all verification processes, allowing users to revisit past verifications as needed. Our solution is designed with audit and compliance purposes in mind and automates the record-keeping process, providing transparent, comprehensive, and trackable audit trails.
AutomatIQ Borrower VOE/I data is updated regularly, ensuring that you have access to the most reliable and current information. The frequency of updates can vary depending on the data source.